Summit-based private-equity fund firm Lexerd Capital Management LLC has acquired two multifamily properties in Florida through one of its funds, it announced Thursday.
The fund has acquired the Spring Valley Club Apartments in Panama City and the Avenue 29 Apartments in Tallahassee, it said in a news release.
“Each located in bustling and growing regions, these new properties will provide tenants with quality living in thriving areas,” Lexerd founder and CEO Albert Lord III said in a prepared statement.
Spring Valley Club includes 20, three-story buildings and a community building, totaling 160 units. It will be rebranded as the Lory of Panama City. Avenue 29 consists of 18, two- and three-story buildings and a community building, totaling 324 units. It will be rebranded as the Lory of Tallahassee.
“The decision to rebrand the properties under Lexerd’s Lory umbrella of properties conveys their consistency and alignment with the Lory brand,” Lord said.
Financial terms were not disclosed.